Carl Icahn’s Hedge Fund Returns 35% in 2011

January 9, 2012 9:50 amby

Investors who fled Carl Icahn’s hedge funds after losing money with him in 2008 might want to sit down for this one.

In a year when the average hedge fund fell between 4 percent and 7 percent — with some prominent funds down in the deep double-digits — the Far Rockaway native returned 35 percent in trading profits last year.

“I didn’t think we’d do so great this year, but we did very well,” Icahn told The Post when asked about the returns. “I was pretty hedged this year too,” he said, referring to his protective moves against big losses.

Like most financial pros, Icahn has been troubled by the recent financial turmoil, spurred by fears of another US recession and trouble out of Europe.